Federated Hermes Inc. Trims Stock Position in Flex Ltd. (NASDAQ:FLEX)

Federated Hermes Inc. trimmed its holdings in Flex Ltd. (NASDAQ:FLEX) by 0.5% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 226,591 shares of the technology company’s stock after selling 1,253 shares during the period. Federated Hermes Inc. owned approximately 0.06% of Flex worth $7,496,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in FLEX. Evergreen Capital Management LLC lifted its holdings in shares of Flex by 1.0% in the 4th quarter. Evergreen Capital Management LLC now owns 24,098 shares of the technology company’s stock worth $925,000 after acquiring an additional 246 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in Flex by 2.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 12,709 shares of the technology company’s stock worth $488,000 after purchasing an additional 266 shares in the last quarter. Dynasty Wealth Management LLC boosted its position in shares of Flex by 0.7% during the first quarter. Dynasty Wealth Management LLC now owns 37,233 shares of the technology company’s stock worth $1,232,000 after buying an additional 276 shares during the period. SBI Securities Co. Ltd. grew its stake in shares of Flex by 30.8% in the first quarter. SBI Securities Co. Ltd. now owns 1,299 shares of the technology company’s stock valued at $43,000 after buying an additional 306 shares in the last quarter. Finally, Stephens Inc. AR raised its holdings in shares of Flex by 2.7% in the 1st quarter. Stephens Inc. AR now owns 12,634 shares of the technology company’s stock valued at $418,000 after buying an additional 332 shares during the period. Institutional investors and hedge funds own 94.30% of the company’s stock.

Insider Buying and Selling at Flex

In other news, CEO Revathi Advaithi sold 37,465 shares of the business’s stock in a transaction that occurred on Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total transaction of $1,686,299.65. Following the completion of the sale, the chief executive officer owned 1,363,312 shares in the company, valued at approximately $61,362,673.12. The trade was a 2.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Daniel Wendler sold 1,245 shares of the company’s stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $45.01, for a total transaction of $56,037.45. Following the completion of the transaction, the chief accounting officer owned 47,619 shares of the company’s stock, valued at approximately $2,143,331.19. The trade was a 2.55% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,061,348 shares of company stock worth $45,038,292. 0.57% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

FLEX has been the subject of a number of research analyst reports. Barclays raised their target price on Flex from $50.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, July 25th. KeyCorp lifted their price objective on shares of Flex from $50.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, July 2nd. Bank of America increased their target price on shares of Flex from $50.00 to $58.00 and gave the stock a “buy” rating in a report on Thursday, July 10th. KGI Securities lowered Flex from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 25th. Finally, The Goldman Sachs Group reiterated a “buy” rating on shares of Flex in a report on Friday, July 11th. One analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Flex has a consensus rating of “Buy” and a consensus price target of $53.71.

Flex Trading Down 0.7%

Shares of NASDAQ:FLEX opened at $49.52 on Friday. Flex Ltd. has a 52 week low of $25.11 and a 52 week high of $53.97. The company’s 50 day moving average is $47.95 and its two-hundred day moving average is $40.98. The company has a market cap of $18.59 billion, a PE ratio of 21.72, a P/E/G ratio of 1.69 and a beta of 1.05. The company has a current ratio of 1.36, a quick ratio of 0.83 and a debt-to-equity ratio of 0.59.

Flex (NASDAQ:FLEX) last posted its earnings results on Thursday, July 24th. The technology company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.63 by $0.09. The firm had revenue of $6.58 billion for the quarter, compared to analyst estimates of $6.27 billion. Flex had a return on equity of 20.25% and a net margin of 3.42%. Flex’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.51 earnings per share. Equities analysts predict that Flex Ltd. will post 2.33 earnings per share for the current fiscal year.

Flex Company Profile

Flex Ltd. provides technology, supply chain, and manufacturing solutions in Asia, the Americas, and Europe. It operates through three segments: Flex Agility Solutions (FAS), Flex Reliability Solutions (FRS), and Nextracker. The FAS segment offers flexible supply and manufacturing system comprising communications, enterprise and cloud solution, which includes data, edge, and communications infrastructure; lifestyle solution including appliances, consumer packaging, floorcare, micro mobility, and audio; and consumer devices, such as mobile and high velocity consumer devices.